25 Feb 2015
USD/JPY: Losing a losing battle below 119 handle
FXStreet (Guatemala) - USD/JPY is currently trading at 118.74 on the offer with a high of 119.06 and a low of 118.69.
USD/JPY is dipping lower in the Tokyo open in an extension of the downside that came about at the cap of 119.85. This has set the scene in the near term and earlier today the bulls were challenged yet again on a less than hawkish testimony, for the near future, from a patient and data dependent Yellen. The Yen has been bid all over overnight sessions and the tone continues deeper into Asia.
Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY 1 hour chart shows that the price extends below its 100 and 200 SMAs, while the technical indicators maintain their bullish slopes deep into negative territory, supporting further declines. "In the 4 hours chart the Momentum indicator turned south and pressures the 100 level, while the RSI indicator also heads lower around 44, all of which supports the shorter term view."
USD/JPY is dipping lower in the Tokyo open in an extension of the downside that came about at the cap of 119.85. This has set the scene in the near term and earlier today the bulls were challenged yet again on a less than hawkish testimony, for the near future, from a patient and data dependent Yellen. The Yen has been bid all over overnight sessions and the tone continues deeper into Asia.
Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY 1 hour chart shows that the price extends below its 100 and 200 SMAs, while the technical indicators maintain their bullish slopes deep into negative territory, supporting further declines. "In the 4 hours chart the Momentum indicator turned south and pressures the 100 level, while the RSI indicator also heads lower around 44, all of which supports the shorter term view."